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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

Hi there, I was wondering. If I file for bankruptcy again and I'm able to find a secured job with high income. Is it possible to pay the bankruptcy off early? Currently I'm unemployed due to the oil crisis in Alberta. My hopes are high that I'll be able to find a high income job in the next few months. Current debt amount is $17,000. And I'm aiming high for a $100,000 dollar job.


From:

 

Grant Thornton Limited

Date:

 

May 01, 2015

Answer:

 

Hi Otilio, Typically an individual cannot receive a discharge from bankruptcy sooner than the prescribed automatic discharge term even when all of the payments and duties are complete. If the bankruptcy process will hinder your ability to earn a significant amount of income than the Court may discharge you from bankruptcy with special conditions. Perhaps you may want to sit down with someone at our office to discuss a consumer proposal. A proposal is an alternative to bankruptcy which will allow for monthly payments to your creditors. Once the payment arrangement is agreed upon then when your employment situation improves than you may pay the balance off sooner. Please do not hesitate to contact our office should you have any questions or concerns regarding how a proposal and a bankruptcy may affect you.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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